Metropolitan Life Insurance Co. NY decreased its position in Independent Bank Corp (NASDAQ:INDB) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,214 shares of the bank’s stock after selling 482 shares during the period. Metropolitan Life Insurance Co. NY owned approximately 0.07% of Independent Bank Corp worth $1,283,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. Polaris Capital Management LLC raised its stake in Independent Bank Corp by 30.9% in the fourth quarter. Polaris Capital Management LLC now owns 448,361 shares of the bank’s stock worth $31,587,000 after buying an additional 105,800 shares in the last quarter. Public Sector Pension Investment Board raised its stake in Independent Bank Corp by 3.2% in the fourth quarter. Public Sector Pension Investment Board now owns 19,141 shares of the bank’s stock worth $1,348,000 after buying an additional 600 shares in the last quarter. Elkfork Partners LLC purchased a new stake in Independent Bank Corp during the fourth quarter worth $124,000. Dimensional Fund Advisors LP raised its stake in Independent Bank Corp by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,248,030 shares of the bank’s stock worth $87,924,000 after buying an additional 12,011 shares in the last quarter. Finally, Prudential PLC raised its stake in Independent Bank Corp by 3.2% in the fourth quarter. Prudential PLC now owns 278,400 shares of the bank’s stock worth $19,613,000 after buying an additional 8,700 shares in the last quarter. Institutional investors own 77.67% of the company’s stock.
Shares of Independent Bank Corp (NASDAQ:INDB) traded down 1.16% during mid-day trading on Friday, reaching $64.10. 191,862 shares of the company’s stock traded hands. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 22.10 and a beta of 0.96. The stock has a 50-day moving average price of $63.37 and a 200 day moving average price of $62.89. Independent Bank Corp has a 12-month low of $42.44 and a 12-month high of $71.95.
Independent Bank Corp (NASDAQ:INDB) last posted its earnings results on Thursday, April 20th. The bank reported $0.78 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.78. Independent Bank Corp had a net margin of 23.29% and a return on equity of 9.83%. The company earned $79.11 million during the quarter, compared to analysts’ expectations of $80.19 million. During the same quarter in the prior year, the company posted $0.72 earnings per share. Analysts anticipate that Independent Bank Corp will post $3.39 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 7th. Investors of record on Monday, March 27th were given a dividend of $0.32 per share. This is a boost from Independent Bank Corp’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Thursday, March 23rd. This represents a $1.28 dividend on an annualized basis and a yield of 2.00%. Independent Bank Corp’s dividend payout ratio is presently 40.00%.
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A number of research firms have recently weighed in on INDB. Compass Point upgraded shares of Independent Bank Corp from a “sell” rating to a “neutral” rating in a report on Tuesday, March 28th. Zacks Investment Research lowered shares of Independent Bank Corp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 22nd.
In related news, Director Maurice H. Sullivan, Jr. sold 4,275 shares of the stock in a transaction that occurred on Friday, March 10th. The shares were sold at an average price of $64.65, for a total transaction of $276,378.75. Following the completion of the sale, the director now owns 28,455 shares of the company’s stock, valued at $1,839,615.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher Oddleifson sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, January 26th. The shares were sold at an average price of $63.73, for a total transaction of $127,460.00. Following the transaction, the insider now owns 93,799 shares in the company, valued at approximately $5,977,810.27. The disclosure for this sale can be found here. Insiders have sold 9,550 shares of company stock valued at $609,416 in the last three months. 3.02% of the stock is currently owned by corporate insiders.
About Independent Bank Corp
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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